South Korean panel giant LG Display Co. said Thursday it swung to a profit in the fourth quarter from a year earlier, boosted by strong demand for its lucrative products.
Net profit reached 319.7 billion won ($299.1 million) in the October-December period, compared with a loss of 6.3 billion won a year earlier, LG Display said in a regulatory filing.
Revenue jumped 32.3 percent on-year to 8.7 trillion won in the quarter, while the company posted an operating profit of 587.3 billion won, a sharp turnaround from a 154.7 billion won loss a year ago.
The fourth-quarter operating income was higher than the 438.3 billion won consensus by local securities firms compiled by Yonhap Infomax, the financial news arm of Yonhap News Agency.
The stronger bottom line was attributed to seasonal demand and an improved product mix of specialty products.
“LG Display achieved record high results through the strength of its differentiated specialty products such as high resolution IPS panels and FPR 3D TVs,” chief executive Han Sang-beom said in a press release.
By product, LCD panels for TVs, monitors, laptops, tablet PCs and mobile applications respectively claimed 43 percent, 16 percent, 10 percent, 17 percent and 14 percent, in terms of revenue, according to the company.
Shares of LG Display closed at 28,550 won on the Seoul bourse, down 1.21 percent from Wednesday’s close. The fourth-quarter earnings were released after the stock market closed. (Yonhap News)
